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Nigeria-S’Africa Chamber Of Commerce Canvasses Visa-free Entry Into All African Countries

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The Nigeria-South Africa Chamber of Commerce (NSACC) has called for visa-free entry into all African nations to ensure the success of the Africa Continental Free Trade Area (AfCFTA) agreement.

Osayande Giwa-Osagie, NSACC president, said this on Thursday in Lagos during the chamber’s September breakfast forum themed, ‘Perspectives on the Africa Continental Free Trade Area in Relation to Nigeria’.

According to him, a single African passport will ease the movement of people and goods within the continent.

He said that AfCFTA would boost intra-African trade by 22 percent, adding that its implementation would impact positively on the Nigerian economy.

He also said Nigeria must diversify its economy to harness the gains of the agreement.

“Current intra-African trade rated at 15 to 17 percent is low and the AfCFTA is expected to boost intra-African trade by 22 percent,” NAN quoted Giwa-Osagie as saying.

“Challenges to its implementation are lack of infrastructure, political instability and lack of economic diversification.

“This gives rise to the need for Nigeria to diversify its economy to harness the gains of the agreement.

“Given the importance of the free movement of people, there is need for a free visa Africa and a single Africa passport.

“While the implementation would help boost the Nigerian economy, the impact would be limited if there are no free movement of people.”

On his part, Jesuseun Fatoyinbo, head of trade and transactional services, Stanbic IBTC Bank, said the business community needed more clarification on tariff reduction or elimination under the agreement.

According to him, the little information available to corporate organisations with regards to tariffs may lead to holding back on investments.

“We have noted increased interests from global multinationals and other corporates in setting up facilities in Africa aimed at serving the continent and exporting abroad,” he said.

“So more transparency around tariff reductions both in terms of timelines and details of goods could prompt companies to act.”

Fatoyinbo also called for more attention to the digitisation of trade processes across the continent.

In another development, Benedict Oramah, president, Africa Export-Import Bank (Afreximbank) said the successful implementation of AfCFTA will make the continent the largest trade area with a combined gross domestic product (GDP) of $3 trillion.

Oramah, represented by Ibrahim Sagna, Afreximbank global head/director of the advisory and capital market of the bank, said this during the opening of the Agriculture Summit Africa 2021 in Lagos.

He said AfCFTA would transform Africa from its fractured commodity-dependent growth of economies into a vibrant integrated market of over 1.2 billion people.

He added that the agreement presented a major opportunity for African countries to bring 30 million people out of extreme poverty and raise 68 million others who live on less than $5 to $50 a day.

AfCFTA is a trade agreement between AU member states to create a single market followed by free movement and a single-currency union.

The free-trade zone is expected to be the largest in the world since the creation of the World Trade Organisation in 1995.

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Business

CIIN Takes Insurance Education To Markets, Malls In Lagos

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The Chartered Insurance Institute of Nigeria (CIIN) recently organized Community Outreach and Roadshow in Lagos, as part of its broader mission to deepen insurance awareness and improve financial literacy among everyday Nigerians.

Held across key commercial hubs in Lagos, the roadshow made impactful stops at Sabo, Bariga, Oyingbo Market, Shoprite Ikeja, and SPAR Tejuosho, where the public was engaged on the relevance of insurance in everyday life.
Through vibrant street activations, interactive sessions, and one-on-one engagements, the initiative focused on demystifying insurance and breaking down its benefits in relatable terms.

At each location, insurance practitioners were on hand to share insights, answer questions, and distribute informative materials that addressed common misconceptions about insurance and highlighted the ease of access to insurance products tailored for individuals, traders, and small businesses.

Speaking on the initiative, the Head of Brands and Event, Rex Insurance, Emmanuel Ndoh noted: “Insurance is not a luxury; it’s a necessity. We are proud to be part of this collaborative effort with CIIN to take insurance education directly to the people—where they live, shop, and work. Our goal is to build trust and show that with Rex Insurance, you’re not alone.”

This outreach effort is part of the programmes of the Insurance Week organised by the nation’s insurance industry to make insurance simpler, more accessible, inclusive and become a household name in the country.

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Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

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The Universal Insurance Plc, National Health Insurance Authority (NHIA), Pension Transitional Arrangement Directorate (PTAD), as well as Rite Foods Limited, will be sponsoring the 2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) on July 8 in Lagos.
NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
Companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members during the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.
Stories generated from the event will be in the media for over one month.
The Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets, selling eight major lines of insurance, including auto, property and commercial.
Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.
According to Universal Insurance Plc, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”
The National Health Insurance Authority (NHIA) was established under the National Health Insurance Act which was signed into law on 19 May 2022, replacing the National Health Insurance Scheme Act of 1999.
As of today, data shows that about 20 million Nigerians are covered by the scheme.
NHIA offers several benefits, including financial protection against high medical costs, access to quality healthcare services, and a comprehensive benefits package that covers a wide range of medical needs.
Meanwhile, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013 and drawing its mandate from the Pension Reform Act of 2014, PTAD was tasked with consolidating and managing pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007 and did not transit to the Contributory Pension scheme.
PTAD has marked a significant milestone of revolutionising Nigeria’s public sector pension administrative system.
When the Directorate was created, it inherited a host of challenges that had long plagued the legacy pension offices. These offices, comprising the Police, Customs, Immigration, Prisons, and the Civil Service, as well as the Boards of Trustees of Treasury funded Parastatals, Universities and Research Institutions and Agencies, were historically managed in a fragmented, inefficient, and underfunded manner. By 2004, this mismanagement had culminated in pension liabilities exceeding N2 trillion.
At the helm of affairs of the Directorate is the Executive Secretary, Tolulope Abiodun Odunaiya, a dynamic and results-oriented professional with a proven track record of managing complex workflows and consistently driving measurable outcomes. She was appointed to the position in November 2024, by President Bola Ahmed Tinubu.
Rite Foods Limited is the producer of Bigi Drinks, Fearless Energy Drinks, Sosa Fruit Drinks, and Rite and Bigi Sausage Rolls.
The company ably led by managing director/CEO, Mr. Seleem Adegunwa, believes in the power of innovation and its potential to change the recycling business.
As Nigeria’s top food and beverage manufacturer, it said: “we are committed to helping recyclers to adopt cutting-edge techniques to recycling plastic trash, particularly in coastal areas, among other Corporate Social Responsibility (CSR) initiatives.”

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NAICOM Issues New Licenses To SanlamAllianz After Merger

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

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